Habesha Cement
II. Background of the Company
Habesha Cement is a Share Company incorporated as per the laws of Ethiopia and it was initially founded by individuals who have long years of experience in the cement industry and businesspersons who have the insight to run a big and complex business entity. It is now recently announced that the company has finalized a 1.52 Billion birr loan agreement with Development bank of Ethiopia to cover the 70% cost of the project. The company has already secured 31.6 acres of land around Holeta town of Oromia regional state and makes it ready for constructing the factory. It has selected North Holding Industries which is a Chinese company for the construction. The two companies have made an agreement to finalize the construction within 22 months.
The total cost of the project including its construction is expected to reach 110 USD. The factory is expected to produce 1.4 million tons of cement per annum.
The initial founders decided to collect the equity portion of the project cost and floated shares to the public for subscription and they manage to raise more than 550 million Birr. The first Extraordinary Shareholders meeting was convened and elected the following 12 Directors to run the company.
• Gizaw T/Mariam (Engineer)- Chairman of the Board of Directors
• Abebe Dinku (Professor)- Vice Chairman of the Board of Directors
• Mesfin Abi (Engineer)- Director and Chief Executive Officer
• Amha Ketsela (Captain)
• Ato Eskinder Desta
• Ato Mekonnen Buta
• Nigru Mulualem (Engineer)
• Ato Tamiru Wondimagegnehu
• Terefe Mengesha (Engineer)
• Tsedeqe Yihune (Engineer)
• United Insurance Share Co. Represented by Ato Eyesuswork Zafu
• Yetebaberut Biheraw Petroleum Share Co. Represented by At Tsega Asamere
Profiles of the Directors are as briefly outlined below:
1) Engineer Gizaw T/Mariam
Engineer Gizaw T/Mariam started working for Dire Dawa Cement Factory after graduation, which was administered by the then Ethiopian Cement
Habesha Cement is a Share Company incorporated as per the laws of Ethiopia and it was initially founded by individuals who have long years of experience in the cement industry and businesspersons who have the insight to run a big and complex business entity. It is now recently announced that the company has finalized a 1.52 Billion birr loan agreement with Development bank of Ethiopia to cover the 70% cost of the project. The company has already secured 31.6 acres of land around Holeta town of Oromia regional state and makes it ready for constructing the factory. It has selected North Holding Industries which is a Chinese company for the construction. The two companies have made an agreement to finalize the construction within 22 months.
The total cost of the project including its construction is expected to reach 110 USD. The factory is expected to produce 1.4 million tons of cement per annum.
The initial founders decided to collect the equity portion of the project cost and floated shares to the public for subscription and they manage to raise more than 550 million Birr. The first Extraordinary Shareholders meeting was convened and elected the following 12 Directors to run the company.
• Gizaw T/Mariam (Engineer)- Chairman of the Board of Directors
• Abebe Dinku (Professor)- Vice Chairman of the Board of Directors
• Mesfin Abi (Engineer)- Director and Chief Executive Officer
• Amha Ketsela (Captain)
• Ato Eskinder Desta
• Ato Mekonnen Buta
• Nigru Mulualem (Engineer)
• Ato Tamiru Wondimagegnehu
• Terefe Mengesha (Engineer)
• Tsedeqe Yihune (Engineer)
• United Insurance Share Co. Represented by Ato Eyesuswork Zafu
• Yetebaberut Biheraw Petroleum Share Co. Represented by At Tsega Asamere
Profiles of the Directors are as briefly outlined below:
1) Engineer Gizaw T/Mariam
Engineer Gizaw T/Mariam started working for Dire Dawa Cement Factory after graduation, which was administered by the then Ethiopian Cement